Corporate Investment and Stock Market Listing: A Puzzle?
研究短期主义是否扭曲上市公司的投资决策，通过对比美国上市公司与私人企业的投资行为，发现上市公司投资更少且对投资机会变化反应更弱，尤其在股价对盈利消息敏感的行业。
We investigate whether short-termism distorts the investment decisions of stock market-listed firms. To do so, we compare the investment behavior of observably similar public and private firms, using a new data source on private U.S. firms and assuming for identification that closely held private firms are subject to fewer short-termist pressures. Our results show that compared with private firms, public firms invest substantially less and are less responsive to changes in investment opportunities, especially in industries in which stock prices are most sensitive to earnings news. These findings are consistent with the notion that short-termist pressures distort investment decisions.